"BRACING FOR THE WORST"

"In fact, the earnings report was so dismal that it shocked industry
analysts and led to yet another drop in Citadel's already sagging
stock price, pushing it further into penny stock territory. Given a
brutal outlook for the radio business and its own particularly
alarming financial future, the company was forced to write off an
unexpectedly large portion of the value of its stations, sending
investors running for cover. UPDATE: as the trading day continued, CDL
shares were pounded even further, closing down $1.46 at $2.40 a share
(a 38% loss in just one day). Volume was a heavy 11.5 million shares
(405% higher than normal) and Citadel's total market cap loss for the
day was a staggering $385,000,000. As recently as 2003, Citadel shares
traded as high as $23.00"

http://radioequalizer.blogspot.com/2...ner-faces.html